Blackstone buys confectionery manufacturer Tangerine

The sale represents a return of 4x over five years for GCP. The sale value was not disclosed.

This is the fourth realisation from GCP's Fund II and its second exit this year. The firm closed its third fund, which was oversubscribed, on £160m last May.

Previous funding
GCP backed the £10m management buyout of Tangerine, then named Toms Confectionery, in January 2006. Between January 2006 and July 2011, Tangerine has quadrupled its revenues, increasing its turnover from £40m to £160m, and staff numbers have increased threefold.

Debt
No information on the debt structure has been disclosed.

Company
Based in Blackpool, Tangerine's own brands include Butterkist popcorn, Barratt Sherbet Fountain and Dip Dabs, Henry Goode's soft eating liquorice and Princess Marshmallows.

Tangerine acquired two confectionary businesses – Burton's Confectionery in August 2006 and Monkhill Confectionery from Cadbury Schweppes in January 2008. Tangerine now employs 1,500 staff.

People
Steven Joseph is the chairman of Tangerine and Chris Marshall is the managing director of the firm.

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• Topics
• Exits
• UK / Ireland
• Consumer
• Buyouts
• Growth Capital Partners (aka Close Growth Capital)
• Blackstone Group